Concerns about data security have long topped the list for IT managers wary of the cloud, so it is not surprising that the market for cloud security solutions is projected to grow at a healthy clip for the next several years.
According to the latest market study released by Technavio, a technology research and advisory company, the global cloud security solutions market is expected to grow at a CAGR of close to 20 percent between now and 2021, and sectors such as banking and financial services, retail, healthcare and government are likely to take increasing advantage of improved security by moving to the cloud.
According to a summary of the report, the digitization of healthcare services worldwide has led to a higher demand for cloud security solutions given the vulnerability of ever-greater amounts of confidential information, such as patient data, lab results and billing information.
“One of the major reasons for adoption of cloud security solutions is the implementation of stringent regulations for maintaining patient privacy,” said Amrita Choudhury, a lead analyst at Technavio for IT Security research. “Healthcare frauds and medical identity theft have made it necessary to adopt cloud security solutions in the healthcare sector.”
Similarly, Technavio researchers found that the banking and finance sector has been the constant target of web-based attacks. The increased instances of cyber-attacks have raised fear and awareness in the sector about the growing use of viruses and malware to target networks and applications, leading to the increased demand for cloud security solutions, the report said.
The proliferation of mobile apps has also given rise to more cyber threats due to the lack of technical controls such as insufficient transport layer protection and poor security measures implemented by the mobile app owners.